Insurance Act, 1990

• Jurisdiction: Ireland
• Citation: IR No. 26/1990
• Year: 1990

Number 26 of 1990
INSURANCE ACT, 1990
ARRANGEMENT OF SECTIONS
Section 1. Interpretation. 2. Acquisition of shares in Holding Company. 3. Rights of Minister as holder of shares. 4. Shares held by nominees. 5. Transfer of property. 6. Transfer of employees, etc. 7. Application of certain instruments. 8. Relief in respect of stamp duties, etc. 9. Power to hold shares. 10. Repeals. 11. Laying of orders before Houses of Oireachtas. 12. Short title, collective citation and commencement.
SCHEDULE
Acts Referred to Assurance Companies Act, 1909 1909, c. 49 Companies Act, 1963 1963, No. 33 Finance Act, 1895 1895, c. 16 Industrial and Life Assurance Amalgamation Company, Limited (Acquisition of Shares) Act, 1947 1947, No. 6 Insurance (Amendment) Act, 1938 1938, No. 31 Insurance Act, 1964 1964, No. 18 Insurance Act, 1981 1981, No. 34 Insurance Acts, 1909 to 1989 Perpetual Funds (Registration) Act, 1933 1933, No. 22 Registration of Deeds Act, 1707 1707, c. 10 Registration of Title Act, 1964 1964, No. 16 Trustee (Authorised Investments) Act, 1958 1958, No. 8
Number 26 of 1990
INSURANCE ACT, 1990
AN ACT TO AMEND THE INSURANCE ACTS, 1909 TO 1989, AND TO PROVIDE FOR CONNECTED MATTERS. [25th July, 1990]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
	Interpretation.	1.—In this Act—
	“the Court” means the High Court;
	“subsidiary” has the meaning assigned to it by the Companies Act, 1963 ;
	“the Holding Company” means a company of which the Original Company or the New Company is a subsidiary;
	“the Minister” means the Minister for Finance;
	“the New Company” means a subsidiary of the Holding Company to which the business of the Original Company may be transferred by a transfer order;
	“the Original Company” means Irish Life Assurance plc;
	“the transfer date” means the date specified in a transfer order for the transfer of the assurance business of the Original Company to the New Company;
	“transfer order” means an order (including a supplemental order) made by the Court under section 13 of the Assurance Companies Act, 1909 .
	Acquisition of shares in Holding Company.	2.—(1) It shall be lawful for the Minister—
	(a) to exchange any shares of the Original Company for the time being vested in him or his nominees for shares in the Holding Company, and
	(b) to acquire by subscription, purchase, capitalisation, issue or otherwise any share or shares in the Holding Company.
	(2) The Minister may hold for as long as he thinks fit the shares in the Holding Company for the time being vested in him or his nominees and may sell, exchange or dispose of, whether by redemption or otherwise, if he considers it appropriate to do so, all or any of such shares.
	(3) All sums from time to time required by the Minister for the acquisition by him of shares in the Holding Company shall be advanced out of the Central Fund or the growing produce thereof.
	(4) All dividends and other moneys received by the Minister in respect of shares in the Holding Company and all sums paid to him in consideration of the sale or disposal by the Minister of such shares shall be paid into or disposed of for the benefit of the Exchequer.
	(5) If the Minister disposes of any shares in the Holding Company, otherwise than by sale, then the proceeds of such disposition shall be held on trust for the benefit of the Exchequer until he realises the proceeds of his disposal and the proceeds so realised shall be paid into or disposed of for the benefit of the Exchequer.
	Rights of Minister as holder of shares.	3.—(1) The Minister may exercise in respect of the shares of the Holding Company vested in or allotted to him all the rights and powers of a holder or allottee of such shares and, where a right or power is exercisable by attorney or proxy, exercise it by attorney or proxy appointed by him.
	(2) The Minister, or his nominees, at the direction of the Minister, may renounce the right to any shares in the Holding Company and any sums paid to the Minister or his nominees in consideration of such renunciation shall be treated for the purposes of this Act in the same manner as sums paid to the Minister or his nominees in consideration of the sale of shares.
	Shares held by nominees.	4.—(1) Subject to section 3 (2) of this Act, every share of the Holding Company which is to be allotted or transferred to the Minister or his nominees shall be allotted or transferred either, as the Minister shall direct, to the Minister or to a person (in this section referred to as a nominee) nominated in that behalf by the Minister, and different persons may be so nominated in respect of different shares.
	(2) The following provisions shall apply and have effect in respect of all shares of the Holding Company which are for the time being standing in the name of a nominee for the Minister, that is to say:
	(a) it shall be lawful—
	(i) for the Minister to transfer all or any of the said shares to another person selected by the Minister to hold as his nominee the shares so transferred;
	(ii) for the Minister to direct a nominee to sell, exchange or otherwise dispose of all or any of the shares of the Holding Company for the time being vested in him as such nominee;
	(iii) for the Minister to direct a nominee to transfer all or any of the shares of the Holding Company for the time being vested in him as such nominee either (as shall be specified in such direction) to the Minister orto another person selected by the Minister to hold such shares as his nominee;
	(b) every nominee shall hold upon trust for the Minister all or any shares of the Holding Company for the time being vested in him as such nominee and shall sell, exchange or otherwise dispose of such shares in such manner as the Minister shall direct from time to time in writing;
	(c) every direction given under this subsection by the Minister shall be a good and lawful authority and discharge to the nominee to whom it is given for everything done by him in accordance therewith, and such nominee shall not be entitled or concerned to enquire whether such direction was or was not lawfully given;
	(d) every nominee shall act in all respects in accordance with the directions of the Minister when exercising the rights and powers exercisable in respect of the shares of the Holding Company for the time being vested in him as such nominee;
	(e) every nominee shall pay into the Exchequer, in such manner as the Minister shall direct, all dividends and other moneys received by him in respect of shares of the Holding Company for the time being vested in him as such nominee, and also the proceeds of the sale by him of any such shares.
	(3) This section shall apply to the personal representative of a deceased nominee in like manner as it applies to a living nominee, and accordingly the word “nominee” shall in this section be construed (wherever the context so admits) as including the personal representative of a deceased nominee.
	Transfer of property.	5.—(1) Any transfer order requiring or approving the transfer of property whether real or personal (including choses-in-action) by the Original Company to the New Company or any agreement or deed made under such order shall not require registration under or in pursuance of the Registration of Deeds Act, 1707, the Registration of Title Act, 1964 , section 99 of the Companies Act, 1963 , or any other Act, but shall operate for the purposes of those Acts as if the transfer were made by deed duly registered on the transfer date under or in pursuance of whichever of those Acts may be applicable thereto, and subject where...